Oversupply, Limited Cargoes Contribute To Weakening Panamax Rates

Monday, August 06, 2001
Panamax rates continued to weaken due to oversupply and limited cargoes on Monday, but owners were hopeful that the market was finding a floor, brokers said.

The physical market remained in decline, but the forward freight agreement market was holding steady.

Buying interest on the Biffex futures market on Friday had suggested a potential bounce this week, brokers said.

Panamaxes struggled to find employment and charterers were still using their advantage to push rates lower.

However, in some cases owners were having to think hard about whether it was worth taking up the returns being offered, or stay unemployed. Clarkson Research Studies reported average panamax earnings down 14 percent to $5,630 daily last week, compared with an average to date for 2001 of $9,560 daily.

Of the latest fixtures, brokers reported that the 1994 built 69,274 dwt panamax Joyous Society had been chartered by Cargill for a Mississippi River to El Dekheila voyage.

The ship is to carry 60,000 tons of heavy grain at a rate of $11 per ton. Loading is scheduled between August 21 and 27.

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Bulk Carrier Trends

MN 100: AEP River Operations

16150 Main Circle Drive, Suite #400 St. Louis, MO 63017 Tel: (636) 530-2100  Email: info@aepriverops.com Website: www.aepriverops.com President: Keith Darling The

US Steel Producers Win Anti-dumping Case

The United States has approved anti-dumping duties against South Korea and other producers of steel pipes for the energy sector, a victory for domestic producers

Odfjell 2Q Results In Line with Expectations

Chemical Tankers had an EBITDA of $24 million, compared with $17 million in the first quarter. Improved utilization with only minor interruptions of trade. Time-charter results were up by 10%.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0898 sec (11 req/sec)